Probating an Estate

To probate an estate is to file a formal matter with the county in which a person lived when they were alive to administer their estate upon their death. Upon filing, a court establishes whether or not there is a will, that the will is valid, and how distribution of the estate assets is to occur.

One way to avoid probate is to make gifts during your lifetime. If you give gifts to the people you care about during your life, then there will be no possessions left be probated. A challenge against a gift could come in the form of a challenge of the gift giver’s mental capacity, but these are often easier to fight than a will capacity contest because the gift giver is still alive to testify to their mental capacity.

For any real property you might own, you may deed it to your beneficiary during your life time or upon your death to avoid probating the property. In order to effectively transfer the property the way you intend, it is important to do so by using the correct type of deed.

You might also consider establishing a trust to hold your assets. This takes several steps and should only be done with the help of a professional. Once you have created a trust, you transfer your property into the trust and it will then be controlled by the terms of the trust. As grantor, you establish the terms of the trust and how the property within the trust will ultimately be distributed. As long as your property has been transferred to your trust, though, you are able to avoid probating that property.

Another way to avoid probate of certain assets is to designate your financial accounts (including investments and securities) to transfer on death. Make sure you choose a specific designee or designees for each account so that upon your death that account will be transferred to the chosen person directly without the need to probate the account. To do this, you must make these designations with the financial institution that holds each financial account.

If you have any questions about how to set up your estate, please contact McNeelyLaw LLP by calling (317)825-5110.

Disclaimer: This McNeelyLaw LLP publication should not be construed as legal advice or legal opinion of any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own lawyer on any specific legal questions you may have concerning your situation.